The coronavirus pandemic is changing the online education system like never before. While most businesses continue to downscale given the impact of the COVID-19 induced lockdown, the edtech sector is witnessing a startling upsurge in demand. Since educational institutions are shut for the past 2 months, many students are now relying on e-learning.
Bengaluru-based edtech startup Vedantu too has witnessed a significant surge in traffic after it announced free access. The platform has grown exponentially to 6,50,000 additional learners across K-12 & Competitive Exams including JEE and NEET.
According to the company, more than a million students have attended live online classes in the past one month and the total watch time of those video classes stands at a staggering 1 billion minute.
Vedantu’s collections and revenue grew by 80% over the previous month, achieving the highest growth over the collective last 2.5 years, said the company in a statement.
Founded by Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash, Vedantu’s primary business is live classes for grades one to 12th. It also provides live streaming and interactive sessions for NTSE, PSA, KVPY, IMO, JEE Mains, and other competitive exams.
Besides Vedantu, edtech majors Byju’s, Toppr, and Unacademy – have also seen a rapid surge in users growth and longer engagements on their platforms.
Recently, Unacademy claimed to have seen an 82% surge in revenue in April when compared to the previous month along with registering more than 10X growth as compared to April 2019. Toppr too has seen a traffic surge during lockdown with its upskilling courses in high demand.
Due to the lockdown, students are using Byju’s daily and spending an average of 100 minutes per day. In the last month alone, the company claimed 6 million new students learning from its app.
According to a recent report provided by the marketing intelligence platform SimilarWeb for 28 days till April 29, Byju’s got the 2nd position while Unacademy was ranked 5th in terms of traffic post the announcement of the lockdown. Toppr has jumped to 4th position and Vedantu, which was at the top in the pre-COVID period, has slipped to 7th position.
As far as funding and valuations are concerned, Vedantu has raised $7 million in its ongoing Series C round at a valuation of about $280 million last month. While Byju’s was valued at about $8.2 billion in the last round, Unacademy was valued at $510 million in February 2020.
Entrackr had exclusively reported about Vedantu’ Series C round.